what happens when a borrower fails to repay the loan or credit
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If the borrower fails to repay within the notice period, the bank can go ahead with sale of assets.
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A loan is classified as a non-performing asset (NPA) if the repayment is 90 days overdue. In such cases, the lender has to first issue a 60-day notice to the defaulter. If the borrower fails to repay within the notice period, the bank can go ahead with sale of assets.
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